SOURCE: Mint Technology Corp.

February 26, 2008 16:49 ET

Mint Technology Corp. Formally Terminates Joint Venture With Peoples Trust

TORONTO--(Marketwire - February 26, 2008) - Mint Technology Corp. (TSX-V: MIT) ("Mint" or the "Company") announced today that its wholly owned subsidiary Mint Inc. has entered into a release and settlement agreement formally terminating the joint venture agreement among Mint Inc., Peoples Trust Company, and Peoples Card Services Ltd. The release and settlement agreement also provides for the formal termination of litigation commenced by Mint Inc. in Ontario and litigation commenced by Peoples Trust in British Columbia (disclosed by Mint in its press releases dated July 26, 2006 and August 3, 2006).

The termination of the joint venture agreement and the litigation will not affect the business or operations of Mint. Mint's current prepaid card programs are operated outside the joint venture agreement. The release and settlement agreement does not provide for the payment of any amounts between any of the parties to the agreement.

ABOUT MINT TECHNOLOGY CORP.: Through its wholly owned subsidiaries, Mint is a leading payment solutions company. With its payment platform and prepaid credit card programs, Mint is the first in Canada to facilitate and deploy prepaid credit cards with unique features such as cobranding and loyalty programs, and new wireless payment alternatives such as contactless functionality. The company is headquartered in Toronto, Ontario. www.mint-technology.ca

FORWARD-LOOKING STATEMENTS: Except for statements of historical fact, all statements in this news release including, without limitation, statements regarding future plans and objectives, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements.

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Contact Information

  • For further information please contact:

    Mike Forzley, CA
    Chief Financial Officer
    Mint Technology Corp.
    Tel: 416.581.0001 x243
    Fax: 416.581.1527
    Email Contact